Learn financial concepts and techniques in order to better manage your project costs!

SYNOPSIS

This course is designed specially for Project Managers, General Managers and Functional Managers who wish to broaden their understanding of financial concepts and techniques to successfully manage larger projects. It provides an overall view of the role of finance and activity-based cost accounting to better understand the impact of project financial decisions on operations. Through a combination of presentations, exercises, group workshops and case studies, this course develops the essential principles of General Accounting, Project Performance Measurement, Capital Budgeting, Cost Accounting, Asset Management, and Control Techniques.

 

City: Rochester
Duration: 1 day
Class Hours: 8:30am-4:30pm
PDUs: 7
Location: Medaille College
Cost:

$299
Lunch is included in the course fee.


HOW YOU'LL BENEFIT

  • Understand financial management and accounting concepts.
  • Discussions on Accounts Payable , Accounts Receivable, Payroll and Purchasing Schedules
  • Understand the flow of schedules to the General Ledger with discussion on General Ledger Design , Balance Sheet and Income Statement.
  • Understand discretionary project selection based on financial analysis.
  • Understand financial measures of business performance such as Earned Value.
  • Budget analysis and structure

 


 

WHO SHOULD ATTEND

  • Project Managers
  • Functional Managers
  • General Staff Managers
  • Those with financial responsibility on projects

 


WHAT IS COVERED

Overview of Financial Management

  • Defining the Accounting Process
  • Reporting the results; the four financial statements.
  • The Procurement Management Process
  • Cash Flow overview and discussion

Overview of Project Management Tools and Techniques

  • The planning cycle with emphasis on the project budget.
  • Arriving at the baseline budget.
  • Controlling the project.

Budgeting and Controlling

  • The capital budgeting process; generate proposals, estimate cash flow, rates of return and net present values.
  • Project budgeting and management control; the budgeting process, forecasting, management controls, Cost-based vs. Zero Based Budgeting, contingency.

Principles of Activity-Based Cost Accounting

  • Inter relationship of the financial records to order entry, purchasing, sales and over head expenses.
  • Generally Accepted Accounting Practices (GAAP).
  • Revenue/Expense concepts.
  • Asset valuation.
  • Accounting transaction analysis the debit –credit process
  • General discussion on Inventory Tracking

Financial Statement Analysis

  • The project budget will have an in depth analysis and full understanding of the supporting systems that form the data in the budget. Supporting Accounting Schedules will be discussed with emphasis on the accounting systems the support the General Ledger.
    • AR, AP, Payroll, Trial Balance.
    • Project Selection Methods, NPV, BCR, Opportunity Cost, IRR, and Lifecycle Costing
    • Project impact on business and success of the rpoject based on the current financial position on the organization. Go/no go decision.
    • Project accounting ethics exercise

Asset Management

  • Asset Valuation
    • Straight Line
    • Sum of the Digits
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